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I get it. It’s fun to pat yourself on the back when your 401k beat Swensen...but before that victory lap, let’s walk through some basics.

Most of you quote returns and see an endowment as a giant pool of $ vs this, which is how I see an endowment:
2/ it’s not just a giant pool of money to spend’s made up of (a) restricted (donor designated; endowed $$ that support a specific thing; ‘spending’ below original value is frowned upon), (b) unrestricted (no specification), and (c) quasi restricted assets
3/ Now before evaluating returns, let’s consider...WHAT’S THE POINT?!

It can vary by type/sub-type of institution, but generally, an endowment serves three purposes: 1) supports operations w/annual payout, 2) independence, and 3) creates a margin of excellence
Read 22 tweets
"How to Regulate Artificial Intelligence" by @etzioni
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